Oil and gas company Wintershall Dea has found no hydrocarbons Brage South exploration well (31/4-A-13 C), offshore Norway, and will plug and abandon it.
The news was shared by the Norwegian oil and gas company OKEA, which in May entered into an agreement to acquire a material portfolio of assets from Wintershall Dea Norge AS, including a 35.2% operated working interest in the Brage field (PL055).
"Brage South is one of many upside opportunities identified at Brage. The result of this exploration well does not change OKEA's valuation of the transaction nor the view of Brage as a good opportunity for OKEA in line with our strategy and with substantial remaining upside potential," OKEA said.
The 31/4-A-13 C Brage South well was drilled from the Brage platform.
Wintershall Dea Norge is the operator of the license with 35.2% stake and partners are Lime Petroleum AS (33.8434%), DNO Norge AS (14.2567%), Vår Energi ASA (12.2575%), M Vest Energy AS (4.4424%).
In the transaction with Wintershall Dea, OKEA will acquire 35.2% operated WI in the Brage Unit, 6.4615% WI in the Ivar Aasen Unit, and 6% WI in the Nova field with an effective date of January 1, 2022.
The transaction is conditional upon Norwegian governmental approval and is expected to be completed in Q4 2022.
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